4 Stocks Spiking on Big Volume

Unusual volume can be a major signal that hedge funds and momentum traders are piling into a stock ahead of a catalyst.

comScore ( SCOR) provides a digital marketing intelligence platform that helps customers make better-informed business decisions and implement more effective digital business strategies. This stock is trading up 2% at $20.18 in recent trading.

Shares of SCOR are trending higher today after the company announced a $50 million share repurchase program. The company also announced the launch of Digital Multi-Platform, the next generation of digital enterprise analytics.

From a technical perspective, SCOR is bouncing higher here right above some near-term support at $19.29 with above-average volume. This move is quickly pushing shares of SCOR within range of triggering a near-term breakout trade. That trade will hit if SCOR manages to take out its 52-week high at $20.76 with high volume.

Traders should now look for long-biased trades in SCOR as long as it's trending above $19.29 or $19, and then once it sustains a move or close above $20.76 with volume that hits near or above 154,738 shares. If that breakout triggers soon, then SCOR will set up to enter new 52-week-high territory, which is bullish technical price action. Some possible upside targets if that breakout hits are $24 to $26.

Ligand Pharmaceuticals

Ligand Pharmaceuticals ( LGND) is a biotechnology company that operates with a business model focused on developing or acquiring assets. This stock is trading up 2.9% at $30.80 in recent trading.

From a technical perspective, LGND is ripping higher here right above some near-term support at $30 with above-average volume. This move has started to push shares of LGND into breakout territory, since the stock has cleared some previous resistance at $29.92 to $30.74. Shares of LGND have also hit a new 52-week high today at $31.18 and volume is well above its three-month average action of 137,080 shares.

Traders should now look for long-biased trades in LGND as long as it's trending above $29.92 with strong upside volume flows. I would consider any upside volume day that registers near or above its three-month average action of 137,080 shares as bullish. If LGND can maintain that trend, then this stock will set up to break out to a new 52-week high above $31.18. Some possible upside targets off that breakout are $33 to $35, or even north of $35.